On the day Pop Mart International listed in Hong Kong on December 11, 2020, doubts and disputes about the trendy company drowned out the sound of champagne opening and clinking glasses.

As many new species have experienced, the sudden emergence and rapid rise of this "new industrial" company has attracted countless magnifying glasses. Under some magnifying glasses, Pop Mart International became "foam Matt" and "deceiving Matt".

Outsiders do not understand Pop Mart International's business model, why young people are crazy about exquisite but not expensive trendy toys, why Molly, which has only images but no stories, can be popular for more than a decade and sell hundreds of millions of dollars, and why investors push up the market value of a toy company by hundreds of billions. In fact, three or four years ago, investors, like today's skeptics, were confused and disdainful of Pop Mart International, but the price was Most investment funds lose the opportunity to participate in a capital feast.

On January 1, 2021, Wang Ning, chairman of Pop Mart International and CEO, accepted an exclusive interview with Ma Ning, founder of the alphabet list, which was Wang Ning's first public voice since Pop Mart International went public.

The 33-year-old tried to explain Pop Mart International's rise again: this is a company that meets the spiritual needs of users, and young girls (Pop Mart International 75% of users are women aged 15-30) buy Molly, just as young boys do not buy AJ; Pop Mart International overnight, but after ten years of hard work and countless pits; Pop Mart International's core and barriers are far from being easily copied by imitators.

It is clear that doubts from the outside world will not be swept away. To a large extent, this is because the lack of understanding of Pop Mart International occurs not only at the level of business logic, but also at the level of social culture and psychology.

There is a strong contrast between the confusion and disdain of middle-aged people and the love and pursuit of young people. In this sense, what lies ahead of Pop Mart International is the generation gap itself.

Crossing the generation gap is certainly difficult, but it has never happened. Bilibili Inc. 's "broken circle", which is similar to Pop Mart International's values, is a recent example of success. Difficult as it is, at least Wang Ning has taken the first step.

The following is an excerpt from the interview:

• To buy fashion is to buy satisfaction and luck.

Alphabet list: there is an authoritative media report on Pop Mart International. Have you read it? There are words like addiction and gambling psychology.

Wang Ning: that article is mainly about the popularity of the "blind box economy" (and the reasons for its popularity). It also points out that the industry needs to standardize its development. as a result, some media take it out of context and call for the regulation of the blind box economy. You can interview most of our users. I think they are more likely to buy a piece of luck and satisfaction.

Alphabet list: how to explain their mindset? Does it have anything to do with gambling psychology?

Wang Ning: we can imagine a scene where you stroll to Pop Mart International in the shopping mall. There are so many toys, including Harry Potter, Jay Chou, Mickey Mouse and Molly. As a fan of Jay Chou, you decide to buy one of his dolls to treat yourself. The form of the blind box may increase your shopping fun, as for the box is a racing car driving Jay Chou, or a basketball player Jay Chou, are your favorite Jay Chou. So you buy this product more because you like an IP such as Jay Chou or Molly, rather than because of its sales form.

Alphabet list: the prices of some hidden styles on Xianyu are very high.

Wang Ning: individual extreme cases are always easier to enlarge. We once released a limited Christmas product, and the artist's previous work was limited in popularity, so we only made a small amount of it. Unexpectedly, this series was very popular, so the hidden model was very popular, and the price was higher.

But not all series have a high premium in the secondary market. So some people take these extreme cases and say: you see, many people smoke blind boxes in order to get rich one day. This is not an objective eye-catching comment.

Pop Mart International is not a blind box company.

Alphabet list: why was Pop Mart International surrounded by questions after he went public?

Wang Ning: maybe it's because there is no overlap between Pop Mart International and most people's lives. We now have more than 7 million members, accounting for only 1 per cent of the total number of people born after 1980 (Note: according to the results of the sixth census, the total number of people under 40 is 764.8 million). Because there is no intersection, so many people do not know what happened.

Throughout China's business history, a new company listed on the stock market has exceeded 100 billion, and has no overlap with the lives of most people, which is very rare, which leads to a very complex mentality of the outside world towards us. But this is normal. When the Internet first appeared more than 20 years ago, many people did not understand the use of this virtual world. When we were young, the Internet and e-sports were demonized, and now they have come into our daily life.

Alphabet list: many people around me not only do not understand, but even to the point of anger: how can the market value of a company that makes a blind box jump to 100 billion? In their experience, there is no way to understand it.

Wang Ning: French philosopher Henry Bergson (Henri Bergson) once said, "those who can't hear music think dancers are crazy." "it's very appropriate for Pop Mart International. Many people say that Pop Mart International is a blind box company, which means that their understanding of the matter has gone wrong.

Alphabet list: you mean, you are not a blind box company?

Wang Ning: blind box is indeed a very important product form of ours. We have made it popular in China, but it is obviously biased to say that Pop Mart International is a blind box company.

The first blind box is not a complex business model, and the second is not Pop Mart International's exclusive patent.

The funny eggs we played with when we were young, the twisted eggs in Japan, and the surprise toys sold in the United States more than a billion a year are all blind boxes. Pop Mart International is essentially an IP operating company with trendy play as the carrier, just like an enterprise adding a beautiful "box" in order to make a better impression of its products. As a result, everyone says that the essence of your success is because the "box" is done well, which is not objective.

Alphabet list: isn't there a positive relationship between the good work of the blind box and the development of the company?

Wang Ning: the blind box is just an icing on the cake. The logic of Blind Box doesn't explain why so many of our different IP products in blind boxes have different popularity.

Are consumers paying for the blind box or the trendy play inside? Furthermore, among the enterprises that make blind boxes in the market, why are only a few enterprises successful? At present, the competition pattern of domestic business is also very difficult to succeed just because of the model, which requires more comprehensive operation capacity and comprehensive competition barriers.

Alphabet list: skeptics believe that 80% of Pop Mart International's sales in the first half of 2020 are achieved in the form of blind boxes. Don't you admit that they are blind boxes?

Wang Ning: we think Lego is a very great enterprise. It has created a kind of "language" and "system". I also want to form some of my own "language" and "system". So the early use of unified packaging, size, sales method, hidden proportion and so on is to form our early product communication power and cultural atmosphere.

Alphabet list: if the blind box has become a "language", is it possible for Pop Mart International to give it up?

Wang Ning: "delivering beauty" was our original intention when we started our business. Blind box can increase the entertainment of retail, it doubles happiness, it has become part of our genes.

Alphabet list: happiness is not enough, but also double it?

Wang Ning: people are usually very happy when they receive gifts from others. Shopping behavior can be regarded as the process of buying gifts for themselves. To some extent, the degree of happiness when receiving a gift is proportional to suspense. Add a little unknown, it's more like someone gave you a gift, and you will be more satisfied.

Alphabet list: is it common for shop assistants to open blind boxes to arouse public concern in Pop Mart International?

Wang Ning: with the development of the company, we now have thousands of employees. With the increase of the scale, the difficulty of management is also increasing. We have zero tolerance for some actions that have touched the red line, and we thank all parties for monitoring us. We are also working hard to improve the sales system, through technical means and improve sales rules to reduce the occurrence of man-made problems.

Alphabet list: small problems can also lead to big waves.

Wang Ning: with the listing, the company needs to do better in management, which is why we insist on direct marketing, that is, we pursue to be as controllable as possible and bring users a better experience. Generally speaking, we should do well in the standards in the industry, but we will continue to pursue to do better.

Alphabet list: are Chao play and Popoma unique values?

Wang Ning: Pop Mart International's value is to convey beauty.

Alphabet list: tide play is a new thing, have regulators made contact with Pop Mart International?

Wang Ning: we think that fashion toys is still an industry that brings happiness to everyone, and we are also happy to be a messenger of beauty. Of course, the sales form of blind box may be easily misunderstood and magnified, and it does not rule out that this form will be abused in the future. in order to avoid the stigmatization of the whole industry, we are also willing to cooperate with all parties to make the industry more healthy and orderly.

How much is Pop Mart International worth?

Alphabet list: your share price has risen so fast that it has risen to 100 billion when you go public, which inevitably makes many people feel incredible.

Wang Ning: I try not to look at the stock price, and I also ask the management team not to look at it as much as possible, so as not to let the stock price affect the company's long-term decision-making and short-term management.

Alphabet list: many people think that Pop Mart International is not worth HK $100 billion.

Wang Ning: thank you very much for your trust in this IPO. We have been recognized by many top investment institutions.

Alphabet list: why are investors chasing Pop Mart International?

Wang Ning: we are an emerging industry. As an industry leader and pioneer, we have formed a complete closed loop of the IP industry, and there is a lot of potential for growth and expansion in the future. Our growth has been relatively robust, but also has a better financial performance, the management is relatively young, and we have been ploughing the industry for a decade with high barriers. In short, whether it is imagination space or business strength, I think we are still very competitive.

Alphabet list: why do you say Pop Mart International is a "new industry"?

Wang Ning: Pop Mart International has the significance of the times from a certain level. On the one hand, many of our highly valued Internet companies are different from what Pop Mart International does in industry-- selling physical objects, opening physical stores, made in China. On the other hand, the products we make are non-rigid demand products, which is inseparable from the overall national strength enhancement and consumption upgrading.

Great success needs enemies.

Alphabet list: there is usually a wave of departures after the company goes public. How do you deal with it?

Wang Ning: I don't think there will be a wave of quitting when we go public. On the contrary, we have a bigger stage to do great things and attract more talented people to come in.

Alphabet list: didn't MINISO Group make a TOP TOY immediately after you went public?

Wang Ning: this is very common in the business field. I often say that small success needs friends, and great success needs enemies. We still welcome more excellent enterprises to participate in expanding the trendy toy industry.

Of course, as a To C enterprise on the first day, our physical stores are opened in popular shopping malls, what to sell, how to sell, what products are popular, it can be said that we have no secret. There are always some enterprises want to enter this study and enter this industry, but from the result, we still maintain a relatively obvious competitive advantage.

Alphabet list: why are you so sure you can't make another Pop Mart International?

Wang Ning: we have two core barriers, one is the hard barrier that we have accumulated through more than a decade of entrepreneurs on management, team, industry understanding, and so on. And then there are our IP and excellent head artists, which are very scarce, they can't be rebuilt with money, it's an invisible barrier.

Alphabet list: they may have noticed Pop Mart International a few years ago, but they may not realize that they are so valuable, and the capital markets will recognize them so.

Wang Ning: some people don't see it, and some entrepreneurs looking around for ideas have seen it and haven't learned it. When Pop Mart International went public, everyone did not find the so-called second, third and fourth place in this industry. Citing Frost Sullivan's report in the prospectus, it was mentioned that Pop Mart International ranked first in market share, accounting for only 8.5%, but other traditional well-known toy brands in the world, and our growth is also the fastest.

Alphabet list: other brands are far behind, so why is your market share only 8.5%?

Wang Ning: 8.5%, because the research institutions calculate the market relatively wide, which involves the question of how to define the trendy toy market. If only the artist toy Art Toy, Pop Mart International's share must be considerable. Let's see how you draw this circle.

Alphabet list: will such market share soon see the ceiling?

Wang Ning: the biggest advantage of IP industry is its high extensibility, and there are many industries it can link to. Our real value lies in the industrial value of IP. Of course, different products and industries of IP have different opportunities and challenges.

Alphabet list: you clearly drew a clear line with Internet companies, but if an Internet company takes a fancy to this market, invests in a company, burns money to grab market share regardless of losses, and expands both online and offline. Will this style of play pose a great challenge to Pop Mart International?

Wang Ning: the competition in the cultural industry is different. Just like you can't turn any singer into Jay Chou if you have money, and the ability to make Jay Chou is a scarce resource, but Pop Mart International has accumulated advantages in this respect. has a stronger and stronger head artist attraction and star-making ability.

Alphabet list: will this scarcity limit the growth of the company?

Wang Ning: we are still in the fast lane. There will be more stores by the end of 2020 (Pop Mart International's listing prospectus shows that the number of stores exceeds 160), which is just the beginning for a market as large as China. We now have more than 7 million members, compared with 700 to 800 million young people. there is still a lot of room for growth. in addition, we are also optimistic about the fast-growing overseas market.

In addition to these existing businesses, there is also a lot of room for innovation. For example, larger and more collectible products will be introduced next. There will be more and more young people who like to put all kinds of fashion games at home. Tide play and vases, if you let the new generation choose, you must choose tide play.

In addition to the vertical ploughing within the industry, there are horizontal exploration outside the industry, Paradise, film and television content, gallery, contemporary art and so on are all potential directions.

Alphabet list: expansion is on the one hand, but you just said to restrain?

Wang Ning: our logic is like this-hope to serve today's users, and strive to catch a little bit of tomorrow's users, but firmly do not touch acquired users.

Alphabet list: why not touch the acquired users?

Wang Ning: because the trend is a circle. Every trend goes through four stages: initiation, implementation, expansion and termination. Today's users initiate and form a market; tomorrow's users expand the market, but acquired users may let the fashion end. We want the "trend" to last longer and have the patience to wait for those "acquired users" to grow into "tomorrow's users".

Alphabet list: that is to say, you will not rush to open up the sinking market and go to third-and fourth-tier cities?

Wang Ning: we will put vending machines in third-and fourth-tier cities, but it won't be very radical.

Alphabet list: you just said you wouldn't use the Internet, but I think whether it's WeChat Mini Programs or Tmall, the sales are getting bigger and bigger. Obviously, online is becoming more and more important, isn't it?

Wang Ning: the Internet is just a tool. A website might have helped you raise money 20 or 30 years ago, but now all companies have their own official websites and online stores, and the Internet has returned to the nature of tools. What really determines the competitiveness of an enterprise is its core.

Alphabet list: what is Pop Mart International's core competitiveness?

Wang Ning: first of all, we believe in the power of design and beauty, which is our soul. Secondly, we believe in and recognize the value of artists. We gathered a lot of artists in the early days to become comrades-in-arms in promoting the industry. Furthermore, we transform the power of art and design into exquisite products to meet people's spiritual needs. In this process, through a long period of accumulation, we have built a team and attracted more artists. These are our core and barriers.

The values of young people are complete.

Alphabet list: you just said Pop Mart International is a happy company. Can you explain it?

Wang Ning: the more business at the bottom of Maslow's demand theory, the easier it is to do (scale), and the more difficult it is to go up. Pop Mart International does business at the top of Maslow's demand theory. Users don't buy rigid demand, they buy culture.

Alphabet list: why do you skip the level and go beyond the rigid needs to do the cultural business that meets the higher spiritual needs of users?

Wang Ning: since 10 years ago, we have believed in the power of design and beauty, and believed that design and beauty are valuable. This sentence seems very common, but not many people believe and insist on it.

Alphabet list: what prompted you to believe that?

Wang Ning: I have always liked art and business, and I want to combine them. Of course, it also has something to do with the whole generation of young people-post-90s and post-00s prefer art, and their outlook on life and values are more complete.

Alphabet list: what is the integrity of values?

Wang Ning: when the previous generation was relatively scarce, many aspects of us would be restricted. Most of our parents' generation struggled for the basic material life such as house, car, hukou and so on. And now more and more young people, they will pursue life rather than survival, they yearn for a better life and spiritual satisfaction, they are more affluent and spiritually rich.

Alphabet list: is the world really so beautiful?

Wang Ning: in the past, many Chinese artists expressed their anger and dissatisfaction through artistic creation, and then expressed their thoughts. But I believe that in the future, more and more Chinese artists will express their thoughts and thoughts through their love for the world. This is a very important difference of the times. Why resent the world when young people's values tend to take shape and live in a better world?

Alphabet list: your values are very Bilibili Inc..

Wang Ning: why do young people like all kinds of Internet celebrities? The word has been popular since several years ago, online celebrity sign-in places, online celebrity hotels, online celebrity restaurants, online celebrity attractions. The reason is nothing more than the good-looking or characteristic of its design, which is the power of design and beauty. This is the trend of the times, after the values of young people are more complete, more and more people will begin to pursue the value of beauty and design.

When the previous generation decorated the house, 100% would not find a designer, just like in the sketch of the Spring Festival Gala, every nail had to go to the wholesale market to buy it for fear that the middleman would make a difference. However, now engaged in decoration, more and more young people will go to the designer, and people are willing to pay for the design.

Alphabet list: this shows that China's economic construction over the past few decades has achieved results.

Wang Ning: this is the trend. I think it is possible that good design will cost more than decoration in the future, because consumers will eventually believe in the power of design and beauty and are more willing to pay for design rather than wood boards.

Alphabet list: some people compare Pop Mart International to "Maotai of the post-90s generation". Do you agree?

Wang Ning: a large part of Maotai's premium meets the spiritual needs.

Alphabet list: where is Pop Mart International's premium reflected?

Wang Ning: look, my office is full of toys now. Although they are lifeless, you can feel that these toys inject some kind of vitality into the space. Imagine what it would be like to sit in an empty and clean office without these toys.

Alphabet list: for those who don't like trendy play, it doesn't make sense to put more.

Wang Ning: I don't know if you have used xx?

Alphabet list: is that the sneaker trading platform?

Wang Ning: if you have used them, you will find that the shoes discussed and traded by young people above are all kinds of joint names, limited editions and special models, but you can't see these shoes when you go to most Nike Inc and Adi stores, just like the two worlds. Sometimes what you see is not necessarily the truth. When you go to an ordinary sneaker store, you can't see the full picture of the sneaker market, and when you go to our physical store, you don't see the whole trendy toy industry.

Pop Mart International started a revolution.

Alphabet list: what does trendy play have to do with art?

Wang Ning: although it is called a trendy toy, it is actually called Art Toy in English, which is an artist's toy, and its artistic composition is greater than that of a toy. It is called a toy because people think its material is like a toy, that is, plastic, PVC or enamel. It uses these materials, on the one hand, artists think it is funny, 20 years ago people thought cool; in addition, these materials can be as perfect as 3D printing, the lines are very three-dimensional, the colors are very complex, and the artistic expression is very full.

Pop Mart International is not only making works of art, but also, to a certain extent, we have profoundly influenced the whole design circle and the art circle.

Alphabet list: why?

Wang Ning: because in the past 20 or 30 years, art and design have basically become accessories of various industries. Artists print their designs on mobile phone cases, plates, clothes and scarves and do them on certain leaflets. Art loses its independence and becomes an accessory. But Pop Mart International's products have created a new carrier-it is a combination of sculpture and painting, that is, art itself, without any function.

We let many people who study art or design see a possibility, do not think about other (functional), just need to do a good design, can gain commercial value, and even become a star. Before us, are there any contemporary artists who can sign like stars?

We unwittingly carried out a revolution, just like the music revolution of records more than 100 years ago. In the past, the mode of production of artist toys like Molly was similar to a workshop, using simple molds to make dozens of hundreds to sell, because of artistic value, there were fans, because the number was limited, it produced collection value, over time, there was an active second-hand market. But like pre-record music, the trendy game industry was semi-commercial at best.

Alphabet list: how did this "revolution" begin?

Wang Ning: in 2016, I went to Hong Kong to visit Wang Xinming, the designer of Molly. I said to him at that time, we are going to commercialize you completely. Just like artists transformed by the record industry, making Molly is no longer a simple mold but an industrial way to make Molly, starting with a smaller size and a lower price, constantly adding interesting ways to play, put it in the best place in the shopping mall, bring Molly into public view, and let as many people know you as possible. It is based on this logic that we have completely changed the industry and carried out a real revolution.

Alphabet list: has no other company done this before Pop Mart International?

Wang Ning: we have opened up a new industry from scratch, which is our value. Four or five years ago, I said I was going to sell toys to adults. Everyone looked like you were crazy. How could adults buy toys? Just like "shampoo doesn't need to buy shampoo", no one thinks it's an industry, or doesn't think it can do much. Now everyone says that you have really found a gold mine, but in fact, it takes great courage and effort to open up an unfamiliar industry. when we first started doing it, it was dark in front of us, and we couldn't see the future at all.

Determined not to have money from the fund.

Alphabet list: investors got it during your roadshow, but they didn't see your future before. You didn't take the investment of Tencent and BABA. Why? Because Tencent and BABA bring not only money, such as these sales on Mini Program and e-commerce, they may also have some resources.

Wang Ning: if it is done well, all enterprises are willing to cooperate with you, and we will not stand in line.

Alphabet list: why you haven't raised money in the last three years.

Wang Ning: because the company is beginning to make a profit. We had a net profit of more than 100 million in 2018 and about four or five billion in 2019. As our finances became healthier, we were more restrained in opening stores and didn't need too much money, so we never went to the market again.

After all, it has been 10 years since it was listed on the market, basically all funds have seen us, and we have been stood up by most funds. So when we get better, we are determined not to have money from these funds.

Alphabet list: Pop Mart International has experienced the greatest difficulties, is not when most in need of money was stood up by most funds?

Wang Ning: I don't think it was a bad thing that we couldn't find money at the beginning. Now it seems that there are at least several advantages. First, we are forced to treat money more as money. We must spend every penny well, think twice before we act, and make decisions more calmly.

Second, we didn't get the money, but the whole industry didn't get the money either. VC didn't understand the industry, which gave us a chance to grow quietly for many years.

When the time window came, we suddenly appeared in the spotlight.

Third, because we don't get that much money, the management still has a good grasp of control.

Alphabet list: before the listing, there was a joke, that is to say, before Pop Mart International went public, the investors' evaluation of Wang Ning was that Wang Ning had a mediocre education, had no serious work experience, had a calm expression, no appeal, and no elite in the team. After the listing of the company, I feel that the investor's evaluation of you has changed, and it becomes calm, quiet, happy and angry, and has many of the excellent qualities of a consumer entrepreneur. You don't know if you saw this joke?

Wang Ning: what people boast and scold may not be the real you.

Trendy play is pure content itself.

Alphabet list: you once targeted Walt Disney Company, which again involves the error between public awareness and Pop Mart International's own positioning. They think, how can Chao play be compared with Walt Disney Company, a platform with stories, content and IP that has been circulating for so long?

Wang Ning: van Gogh's paintings and the smile of the Mona Lisa are also IP. There are stories that can give birth to some good IP, but it is not impossible to give birth to IP without stories.

Alphabet list: the problem is that these famous paintings have experienced the precipitation of time, while Pop Mart International's tide play does not.

Wang Ning: now society is characterized by the fragmentation of time. We used to have plenty of time to read content, but now do people still have time to read so much content?

Alphabet list: good content is easier to attract public attention after all.

Wang Ning: although the content in the traditional sense is important, we should also look at it dialectically. Some people say that the Yellow Man or Mickey Mouse is good content. But it seems that no one can blurt out a story about Mickey Mouse or the Mini Yellow Man without thinking. A lot of IP makes you like the image by expressing an emotion and state.

Mickey Mouse is a kind of content carrier, and Chao play is also a kind of content carrier. It does not have any function, because function means short-lived and innate degeneration. Fashion play, like art, is pure content itself.

Alphabet list: in the fragmented era, is the content also fragmented?

Wang Ning: if time can form a valuable IP in my mind, then I put a trendy game in the office, and I spend more time watching it than watching any IP. Now you may not have time to watch 90% of the shows, even if they are popular.

Alphabet list: so Pop Mart International's users shift the time of watching the play to playing fashion?

Wang Ning: people's way of thinking should not be bound by the inherent framework, and the content of the traditional meaning is not necessary. As a matter of fact, Transformers also had toys first, and it was only in order to sell toys that it began to make cartoons.

This year we have invested in a cartoon called "the Rebirth of Nezha", which will be shown on the first day of the Lunar New year. Let's buy a ticket and learn what the industry is all about.

Alphabet list: Mickey Mouse may be popular for a long time because it is supported by stories. How can you ensure that the toy Molly, which is purely emotional and hits users, will be popular for a long time?

Wang Ning: this is also a misunderstanding. Many stories have produced a lot of IP, but the proportion of people who shine brilliantly in business is not high. Stories can not guarantee the success of IP.

Alphabet list: the question is, how long can IP be popular without a story?

Wang Ning: it's like a singer. How long it can be popular depends on your creative ability. Singers with only one masterpiece are often short-lived, but if you are Jay Chou and continue to create high-quality music for a long time, you can continue to be popular for many years. Our artists are very capable of continuous creation. Molly was born 14 years ago, and it still has a lot of market appeal today, which is the embodiment of the designer's long-term artistic creation ability.

Alphabet list: apart from the ability of designers, what else have you done to ensure the growth of IP?

Wang Ning: continue to invest. If there were only one Star Wars movie, it would not be as influential as it is today. Every few years, a new film repeatedly strengthens the minds of consumers, and IP can only be sustainable. For Molly, each release of a new series is like launching a new Star Wars movie.

Alphabet list: if there are too many sequels, will users be aesthetically tired?

Wang Ning: the tide is playing on the platform. We don't rely on an IP. We have the trendy head IP, and the head IP of other industries is also here. We are like record giants, and our resources will tilt towards the more popular and potential IP. Molly is like a blank piece of paper, can be combined with the most popular elements of the times, resulting in a longer life cycle, expression and content will be richer.

This is a joint venture between Japan's popular monster artist (Okubo) and Molly, and there is Bath Lightyear Molly, which works with Walt Disney Company. This year (2020) also launched Harry Potter Molly, Arena of Valor Molly. Molly also has a natural advantage-real people will grow old one day, but a hundred years later, Molly is still that four-or five-year-old child.

Alphabet list: you said you wanted to be Walt Disney Company, but then you changed your tune. You said you wanted to be China's Pop Mart International. Why?

Wang Ning: we have a lot in common and differences with Walt Disney Company. The core of everyone is IP, but the way of incubation and commercial operation is different. We have a cooperative relationship with Walt Disney Company, not a competitive relationship, and we also have a cooperative relationship with other leading IP companies. This is a brand new road. Let's wait and see.

Alphabet list: there is a view that Molly and PUCKY account for too much of Pop Mart International's sales.

Wang Ning: the absolute quantity of these two IP series sales is on the rise, but the relative proportion is not the case. We create a super IP almost every year, first with Molly, followed by PUCKY,Labubu,Dimoo, and Skullpanda, which will be launched in the second half of 2020. But behind the sales figures, there is still some information.

Alphabet list: what's behind the numbers?

Wang Ning: the cycle of designing and producing a series of tide games is close to one year. The number of Molly series on sale will be nearly 10, and the sales are naturally high. Although there is only one series on sale at present, the new IP Skullpanda has great potential. When it went public, it broke almost all sales records and supply fell short of demand. However, you can only see one thing from the financial report: Skullpanda does not sell as well as Molly. But Molly is 10 series, Skullpanda has only one series, and it takes time to grow and accumulate, which is not reflected by current financial data.

Alphabet list: although Skullpanda has potential, some people think that Pop Mart International's own IP is too little, non-exclusive IP accounts for the majority, is this a hidden worry?

Wang Ning: first of all, the exclusive IP always accounts for the vast majority of sales, and secondly, the trendy play industry is not an industry determined by the number of IP. Or take the music industry as an example, there may be millions of creators, but there may not be more than 20 people on your playlist. After all, people's time and energy are limited, and the head IP is the decisive force.

Alphabet list: how much do you spend on developing IP each year?

Wang Ning: I don't have the exact number yet, but as a leader in the industry, our investment must be the most. We hold the largest industry exhibitions twice a year-the two international fashion toy fairs in Beijing and Shanghai; the largest online community, as well as all channels, supply chain integration, we do; all head artists and head IP are on our platform. We are the infrastructure builders of this industry.

You can either understand young people or pretend to party.

Alphabet list: what kind of attitude are you going to take to face bystanders who don't understand Pop Mart International?

Wang Ning: when I started my business, my father said a word to me. I was very moved. "I am against you, but I support you," he said. "

Alphabet list: sounds a little contradictory.

Wang Ning: yes. He opposes me because what I do is beyond his framework of thinking and cognition, and he cannot understand it. He supported me because he had the courage to realize that his thinking framework could also be wrong-if it was right, why didn't he become a business giant?

People can object to a lot of things because the framework of thinking limits you. But perhaps more valuable is to think about why Pop Mart International succeeded.

Alphabet list: do you study Bilibili Inc.? In May last year, Bilibili Inc. launched the "back Wave" speech by actor he Bing, which, as I understand it, is actually an attempt to build a bridge between young people and middle-aged people who can't understand them.

Wang Ning: fans all say that Bilibili Inc. is a "small broken station". But Bilibili Inc., with a market capitalization of US $30 billion, has surpassed many of his predecessors in the video racetrack. Can he still say "small" and "broken"? But many people mention that the first thing that comes to mind for video sites is some other earlier names. Any emerging culture is not understood in the early days, just like when he was in junior high school, everyone questioned how Jay Chou was so popular.

Alphabet list: everyone says that they can't pronounce clearly how to become a singer.

Wang Ning: I can't pronounce clearly, I can't understand it, and I don't know what he's singing. He's laughing and making a lot of noise. How can it be hot? The misunderstanding about fashion play is the same. Maybe in 20 years' time, whether you look at Bilibili Inc. or Pop Mart International, you may also think, why did you think that way?

Alphabet list: when Bilibili Inc. did "Hou Lang", he lowered his posture and took the initiative to seek the understanding of the middle-aged. Would Pop Mart International do so?

Wang Ning: our core user base is women between the ages of 15 and 30, and now we are also increasing the width and launching some products that boys like, but it will take time to further understand and accept them. Now everyone knows what a blind box is. This is the first step. Then people will think about what Pop Mart International is selling.

Alphabet list: Pop Mart International himself does not do some active popularization?

Wang Ning: the culture is different. It's like when we go to KTV together, you pass the microphone to the post-90s, the post-95th generation, and immediately to the post-00s generation, only to find that you have never heard the songs they sing, and the terrible thing is, the microphone will never come back. If you want to fit in with young people, either understand their culture or pretend to party. You're going to listen to their music.

Alphabet list: Pinduoduo did a lot of TV commercials. Huang Zheng said that the purpose of advertising is to tell everyone that Pinduoduo is not a liar. Can Pop Mart International advertise?

Wang Ning: the playing strategies are different in different industries. Pop Mart International seldom advertises in history, because we think that the best advertisement is to open a store, to open the store to a better position, and to let more people touch, see and understand our products. This is the core of our marketing in the early years.

Have a penchant for cleanliness in his career

Alphabet list: what can you not tolerate in terms of company management?

Wang Ning: I pay more attention to the extreme details. Retail is the details, and extreme is also part of our corporate culture. I will pay more attention to many small details that are easy to ignore, whether it is the small details of store operation or the details of products and services, I hope the team can be extremely perfect, of course, we still have a long way to go.

Alphabet list: do you need to think about all the details for yourself?

Wang Ning: because we entered the retail industry from 0, we must start with the details: how high is the bar? How wide and narrow is the cabinet? Does the light use yellow light, white light or warm light? How big is the music in decibels?

What kind of color brick does the floor use to resist dirt? how many grams of paper does a bag use to save money without looking too cheap? Is the color of the bag in color or black and white, and how many colors are used? The bags we have now are standard. We can put two sets of blind boxes. What is the width? Because it is one centimeter wide, the bag alone costs a lot more money every year. How high is it? How many sizes are there? Is the shopping basket in the store soft or hard?

Alphabet list: do you have anything to regret?

Wang Ning: I think I have always been a person who dares to think and dare to do it. I will try to do it as long as I have an idea, and try not to have regrets in the future. Beijing drifters also attended the graduation ceremony on May 31, 2009. he came to Beijing by train in the afternoon and went to work at 9 o'clock the next morning. The first company is in Shangdi, with a monthly salary of 2000 yuan and no relatives. Every time I went to Sanlitun, it was like the Spring Festival. I didn't know Uniqlo, HM or ZARA. At that time, I never dreamed that I would one day be able to make a brand and open it to Swire.

Alphabet list: dare to dare to do this quality, now seems to be relatively scarce, young people want to take the civil service examination.

Wang Ning: wealth is experience. If you want to make your life thicker, you have to experience more things. This is something I figured out a long time ago.

Alphabet list: not all experiences are successes. What if they fail?

Wang Ning: we started from scratch, from painting walls and selling goods on tricycles. Even if we fail now, how miserable can it be? There is nothing left, what is there to be afraid of?

Alphabet list: I don't believe you haven't been shaken by failure in the last ten years.

Wang Ning: I like who moved my Cheese very much. We are like mice in that book, not smart human beings. The method is to try one road after another, this road is not good, the next road is not good, and then another road is not good, constantly falling and climbing. We have sold bags, shoes, digital, cosmetics, nail polish, groceries and stationery.

Alphabet list: now that Pop Mart International has a market capitalization of more than 100 billion yuan, will he still have no burden as before?

Wang Ning: I often tell my colleagues that our business career is just beginning. Our team is still young, now we have money, experience, platform, a lot of things to do, what do we have to be afraid of?